$MathMaster logo$

MathMaster

Home
general
what payment 7 months from now would be equivalent in value to a 3 300 payment due 23 months from now the value of money i

Question

What payment 7 months from now would be equivalent in value to a $3,300 payment due 23 months from now? The value of money is 2.7% simple interest. Round your answer to 2 decimal places. Show all work and how you arrive at the answer..

294

likes

1470 views

Answer to a math question What payment 7 months from now would be equivalent in value to a $3,300 payment due 23 months from now? The value of money is 2.7% simple interest. Round your answer to 2 decimal places. Show all work and how you arrive at the answer..

$Expert avatar$

4.4

120 Answers

Solution: For simple interest, A=P\left(1+rt\right) For payment due 23 months, 3300=P\left(1+\left(0.027\right)\left(23\right)\right)

P=\frac{3300}{1+\left(0.027\right)\left(23\right)}

P\approx2035.78 For payment due 7 months, A=2035.78\left(1+\left(0.027\right)\left(7\right)\right) A\approx2420.54 Answer: $2,420.54

Frequently asked questions (FAQs)

What is the component of a unit vector i in the direction of vector v?

+

What is the median of a set of numbers: 2, 4, 6, 8, 10, 12, 14, 16, 18?

+

What is the speed of a car traveling a distance of 120 miles in 2.5 hours?

+

New questions in Mathematics

How much volume of water in MegaLiters (ML) is required to irrigate 30 Hectare crop area with depth of 20mm?

Determine all solutions to the inequality |2x + 6| − |x + 1| < 6. Write your final answer in interval notation

I need .23 turned into a fraction

Determine the equations of the recipes that pass through the following pairs of points P1 (2;-1) and p2 (4;-1)

(2x+5)^3+(x-3)(x+3)

A person borrows rm 1000 from a bank at an interest rate of 10%. After some time, he pays the bank rm 1900 as full and final settlement of the loan. Estimate the duration of his loan.

In the telephone exchange of a certain university, calls come in at a rate of 5 every 2 minutes. Assuming a Poisson distribution, the average number of calls per second is: a) 1/8 b) 1/12 c) 1/10 d) 2/5 e) 1/24

A triangular window has a base of 6 ft. and a height of 7 ft. What is its area?

The market for economics textbooks is represented by the following supply and demand equations: P = 5 + 2Qs P = 20 - Qd Where P is the price in £s and Qs and Qd are the quantities supplied and demanded in thousands. What is the equilibrium price?

19) If the temperature of -8°C decreases by 12°C, how much will it be? a)-20°C -4°C c) 4°C d) 20°C

The simple average of 15 , 30 , 40 , and 45 is

The question is using rule 72 determine Kari wants to save 10,000 for a down payment on a house. Illustrate the difference in years it will take her to double her current 5,000 savings based on 6%, 12% and 18% interest rate .

Calculate the difference between 407 and 27

Twenty‐five students in a class take a test for which the average grade is 75. Then a twenty‐sixth student enters the class, takes the same test, and scores 70. The test average grade calculated with 26 students will

Kaya deposits 25,000 into an account that earns 3% interest compounded monthly. How much does Kaya have in the account after 6 years 8 months? Round to the nearest cent. 32,912.50 30,000 29,923.71 30,527.45

Translate to an equation and solve. Let x be the unknown number: What number is 52% of 81.

For how long does the principal amount of €7,537 bring the same interest as the principal amount of €12,345 invested for 8 months? Interest calculation is simple and decursive.

How many digits are there in Hindu-Arabic form of numeral 26 × 1011

Slope (7,3) and (9,5)